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Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (
- Browse Related Terms: abandonment, abandonment of property, bankruptcy estate, core proceedings, Distribution, Exemption, exemptions, exempt property, liquidation, objection to exemptions, prebankruptcy planning, Trustee